Major Private Equity firm invests $62 million in Sigma Pensions

Actis, a british-based private equity firm, has recently invested $62 million in leading Pension fund administrator, Sigma Pensions Limited as part of efforts geared towards adding value to Nigeria’s economy.

The investment is driven by the fact that the equity firm, projects great opportunities to aid further growth for Sigma. The pension fund administrator was one of the first in Nigeria and now has over 650,000 registered customers. Working from 11 offices and 32 service centers, Sigma administers and invests funds on behalf of its customer base which spans the entire country.

Founder and CEO of Sigma Pensions, Mr Umaru Modibbo said “We are delighted to welcome Actis as a new partner, one that understands our business and brings deep asset management and distribution expertise, as well as an unrivalled track record in Africa. With Actis’ help, we look forward to continuing our growth trajectory and creating more opportunities”.

Also, Partners at Actis have expressed their commitment towards helping Sigma grow beyond the status quo. “Building on our extensive experience in the asset management and distribution sector, we are very excited to be investing in a growing consumer demand for future financial protection and well-being in Nigeria. In Sigma, we have identified a well-managed, solid business with IT and operational systems and excellent customer service that can leverage these underlying secular trends”, said Natalie Kolbe, partner at Actis on the transaction.

Tony Abakisi, Investment Principal at Actis, Nigeria, added that “Sigma sits in an under-penetrated, well-regulated market and has excellent growth prospects. We are excited to be investing in the Nigerian PFA industry and to be partnering with Mr Modibbo as well as a great management team to support growth initiatives, including extending the core business, enhancing the brand and creating a platform for further expansion within Nigeria”.

The private equity firm has invested heavily in several business sectors of Nigeria which earned it an award in 2014 as the ‘Firm of the Year in Africa’ by Private Equity International as well as an ‘African Infrastructure Fund Manager of the Year, 2014’ by Infrastructure Investor.